Zebpay Contracts Chainalysis for Crypto Compliance in India
Zebpay, one of the prominent cryptocurrency exchange and wallet provider headquartered in India, has roped in blockchain forensics company Chainalysis to track trades carried out on its platform in India.
The initiative signals another step forward in the collaboration between Zebpay and Chainalysis, which already provides KYT (know your transaction) services for ZebPay’s operations in Singapore. Avinash Shekhar, ZebPay’s president, said “We wanted to build a best-in-class compliance program in India from the start.”
Chainalysis will offer real-time alerts informing ZebPay of dubious or highly risky trades conducted on its platform. ZebPay’s widening of its compliance infrastructure for Indian operations has come just three months after the country’s supreme court terminated the Reserve Bank of India’s existing prohibition on financial institutions offering banking services to cryptocurrency companies.
Jason Bonds, Chainalysis’ CEO, lauded ZebPay for reinforcing its compliance and scrutinizing abilities against the backdrop of India’s obvious cryptocurrency deregulation, further stating that “there are still steps that need to be taken to strengthen cryptocurrency regulation in India.”
Bonds briefed as follows:
“We believe India is poised to make advancements for the cryptocurrency industry, and look forward to growing our business there. We are excited to partner with ZebPay during such a historic time.”
A recent document published by OKEx and Coinpaprika forecast that India’s share of crypto trades will increase considerably in the next two years as residents look for an efficient payment network.
The report emphasized that a combo of rising stringent rules, increase in remittance charges and considerable limitations to getting access to Forex markets will lead Indian citizens towards cryptocurrencies over the forthcoming years.
Since the termination of the RBI prohibition, OKEx indicated that Indian clients have increased by roughly 550%, while fresh user registrations from India rose by over 4,000% in 1Q20.